Hong Kong Trade Deficit Widens 18.1% in October


Hong Kong trade gap widened sharply by 18.1 percent to HKD 44.0 billion in October 2017 from HKD 37.2 billion in the same month of the previous year, but below market expectations of a HKD 44.7 billion deficit.

Year-on-year, imports surged 7.9 percent to HKD 378.7 billion, after a 9.7 percent gain in the previous month. Purchases increased mostly from Malaysia (57.3 percent), the Philippines (32 percent), South Korea (20.8 percent), Taiwan (13.5 percent) and China (6.9 percent). Concurrently, decreases were registered in the values of imports from India (-15.1 percent) and Japan (-4.1 percent).

By commodity, imports grew mostly for: Electrical machinery, apparatus and appliances, and electrical parts thereof (14.5 percent); office machines and automatic data processing machines (14.3 percent); and miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (14.8 percent). However, a decrease was registered in the value of imports of telecommunications and sound recording and reproducing apparatus and equipment (-2.1 percent).

Exports rose at a softer 6.7 percent to HKD 334.7 billion, after a 9.4 percent gain in the preceding month. Exports to Asia as a whole grew by 8 percent, mainly to India (36.5 percent), Thailand (23.4 percent), the Philippines (17.4 percent), Japan (14.9 percent), Taiwan (10.8 percent), South Korea (6.8 percent) and China (6.4 percent). On the other hand, a decrease was recorded in the value of total exports to Malaysia (-2.2 percent). Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (22.6 percent), the United Kingdom (6.1 percent) and the United States (0.2 percent).

By commodity, sales expanded for: Electrical machinery, apparatus and appliances, and electrical parts thereof (6.8 percent); office machines and automatic data processing machines (15.5 percent); and non-metallic mineral manufactures (14.7 percent). However, a decrease was registered in the value of total exports of photographic apparatus, equipment and supplies, optical goods, watches and clocks (-6.1 percent).

Considering January to October, the trade deficit widened to HKD 381.7 billion from HKD 342.8 billion in the same period of the previous year, with imports increasing 8.7 percent and exports rising 8.3 percent.

Hong Kong Trade Deficit Widens 18.1% in October


Statistics Department of Hong Kong | Joana Ferreira | joana.ferreira@tradingeconomics.com
11/27/2017 9:28:12 AM